Decline in landlord rent levels ‘slows’

Landlord rent decreases slowed down in the year's second quarter, according to new figures.

The Royal Institution of Chartered Surveyors (Rics) reported that in these three months, the number of properties being made available for renting decreased, which had the effect of easing the fall in rent levels.

Rics said that the situation offers some positivity for private landlords, as they had been made to decrease rents due to the high number of rental properties that were available.

While 55 per cent of chartered surveyors had seen rents drop rather than rise in the previous quarter - a historically low figure - the percentage has now shifted to 29 per cent.

Rics spokesperson Jeremy Leaf said that landlords are less pressured to drop their rents now, adding: "The outlook for the rental market should continue to improve."

Mark Butterworth of the Residental Landlords Association responded to the figures by noting that buy-to-let costs have risen and said new landlords did not have favourable conditions to enter the market.